Why make a Lasting Power of Attorney?
Life is unpredictable therefore at Broomhead & Saul we strive to help you plan for your future and anticipate all possibilities.
Most of us prefer to avoid contemplating the likelihood that at some time in the future we may not be able to manage our personal affairs due to age, infirmity or possibly the effects of an illness or an accident. Lasting Powers of Attorney are legal instruments that allow you to prepare for the possibility that at some future date you might be unable to make important decisions or to cope with managing your financial affairs. They invest your close and trusted friends or your relatives a contingent legal authority to either manage some or all of your financial affairs or help make decisions about your health, welfare and clinical treatment.
The longer we live; the more likely it is that we will at some later date be visited by a serious illness or some form of mental incapacity. Those of us who can afford health insurance take it as a given that this expenditure is both a prudent and necessary precaution but many overlook the practical side of their later life needs and requirements. The consequences of failing to set up Lasting Powers of Attorney can be devastating, not just to you but to your family and your business. It would deny you or your family access your bank accounts or to deal with your property or business, or prevent who love and care for from having an influence in important decision about your clinical treatment or care.
In November 2020, Good Morning Britain presenter, Kate Garraway, shared her harrowing experience when her husband was hit by Covid-19. Kate Garraway, mother of two young children, was unable access the family bank accounts during his prolonged period of induce comma in intensive care.
Illnesses and accidents can happen to anyone at any time and at any age. Setting up Lasting Powers of Attorney can provide peace of mind not only to you but also to those you love and care for. Having the foresight to set in place these vitally important arrangements to meet this kind of unwelcome contingency, avoids the risk of intense familial disagreements as well as the substantial cost of making a formal application to the court to seek authority to help you at what will probably already be a hugely stressful time.
If you are worried about what might happen should you, or a loved one, become unwell (or if you are concerned about the practical consequences of frailty in old age) and in particular, who would manage your financial affairs or make decisions about your care or medical treatment – then you would be wise to set up Lasting Powers of Attorney.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a legal document that enables an individual (or donor) to appoint one or more persons (known as attorneys or donees) to make decisions on their behalf.
It only comes into effect if the donor loses the capacity to manage their own affairs.
There are two types of Lasting Power of Attorney (LPA):
- A Property and Financial Affairs LPA
- A Health and Welfare LPA.
It is entirely up to you whether you have one or both and we have the expertise and experience to advise you appropriately.
Will I lose control of my affairs?
You will still retain complete control over all your affairs after you complete your Lasting Powers of Attorney. This full independent autonomy will continue for as long as you have the necessary mental capacity. Mental capacity is something that is governed by highly prescriptive statutory rules, designed to prevent the powers being misused.
It is only when you lose the capacity to make your own decisions that a Lasting Power of Attorney comes into effect; not before. It empowers your trusted and loved ones look after you, if and when the need should arise; not before.
Can I managing without?
Yes but not without risk. If you do not set up Lasting Powers of Attorney and later lose the ability to manage your own affairs, then your nearest and dearest will be forced to make a formal application to the Court of Protection to ask the Court to appoint a deputy to discharge the same functions. We can assist in this but it is both time consuming and expensive and the delay can often prove stressful for your close relatives.
How can Broomhead & Saul help?
Broomhead & Saul have a vast amount of knowledge and experience in preparing Lasting Powers of Attorney for numerous clients, gained over the decades. You are in safe hands at Broomhead & Saul.
Making Lasting Powers of Attorney can offer real peace of mind and security for you and your family. We will meet with you at your convenience to discuss your personal needs and concerns on an individual basis. Then when you are happy we will prepare your Lasting Powers of Attorney ready for you to sign. Relevant copies can then be made for your own personal records and the original stored by us.
Having Lasting Powers of Attorney in place will ensure that should you ever become unwell or unable to make important decisions then your chosen person or people will be able to look after you and your property without delay.
How much will it cost?
At Broomhead & Saul we will provide you with a transparent fixed fee quotation for preparing a Lasting Power of Attorney, one that is based on your individual personal needs. Our standard professional fee for a single LPA is £400 plus VAT.
To find out more or make an appointment to discuss your needs further, please contact:
Ilminster office: 01460 57056
Contacts: Angela Clapp
or email [email protected]